The news that investment-savvy St. Lucians have been waiting for is finally here following news from 1st National Bank that every St. Lucian will have an opportunity to be a shareholder of the bank.
The announcement was made at 1st National Bank’s head office in Rodney Bay on Tuesday morning.
Marketing Manager, Robert Fevrier, is urging St. Lucians to be prepared to own a slice of St. Lucia by purchasing shares at the banking establishment when they become available.
Fevrier said: “In the near future, we will be officially announcing the sale of shares. We will be opening the market… We will have shares for sale. Do not wait for the last minute because we are all St. Lucians and we know how we operate. The shares are going to be there for a limited time and if you want to be part of something big, unique, local and indigenous, you need to purchase those shares.”
1st National will be celebrating its 80th anniversary in June next year and Fevrier said he wants the word to spread to get people to take advantage of the share opportunity and become part of the 1st National Bank family.
He said people who choose not to be part of the family will be missing out on a lot, namely products and services, including scholarship opportunities and attractive products and rates available only to customers and shareholders. He promised that the shares would be reasonable for all interested.
He said: “I can guarantee you that in this economic climate, they will be affordable, and not just affordable, we’re about value. So it’s not just giving you something affordable, but you’re purchasing shares that would add value to your investment.”
According to Fevrier, the bank’s 2016 annual report is already available to the public at the different branches and the bank will also be putting out a prospectus under share offering to give sufficient information about the bank.
With this information, he said interested persons can find out all they need to know about the bank – from its history to its financials — and they can decide whether or not they want to make an investment.
Fevrier said the shares will be made available to everyone, including individuals who are not customers of the bank.
He said: “Once you are St. Lucian, the shares are open and you invest.”
That there is not at all good enough. Minimally, this announcement should be made with some statistics, extracted from the Prospectus, about the record of profits, and any record of recent dividends paid.
If these two data sets are not present, then this is Diable en sac investing. Already, were are NOT being told what classes of shares are going to be on sale.
Next, a key issue is EXIT, for the investor. There is no good secondary market anywhere in the region. Without guidance as to how investors can get rid of their investment, without a loss of money or capital, those who buy those shares, may be stuck. That is especially if a financial emergency should crop up. Nothing is certain or guaranteed in buying shares. But we must take the risk of getting a higher rate of interest from this investment than that which is offered by the commercial banks on our savings deposits.